Are you worried about the skyrocketing costs of nursing home care eating into your savings? Fret not. We've got expert advice from attorneys Greg McIntyre and Brenton Begley, authorities in estate planning and elder law, that could help protect your hard-earned assets. Armed with insights that seven out of ten people will require long-term care, they draw on their extensive experience to guide you through this intricate process and help you steer clear of potential pitfalls.
This episode is a treasure trove of practical tips to safeguard your assets and secure government benefits. Greg and Brenton thoughtfully explain why you shouldn't give away your assets or your house, how to strategically apply at the right time, and why the devil is in the details in your application. They also emphasize the importance of early and regular planning with professional consultation. Remember, every month of delay might cost you a private pay month that could have had benefits covering your care. So, be proactive and take the first step to secure your future. Tune in, absorb the wisdom, and equip yourself with the knowledge to make informed decisions about your long-term care. Don't wait till it's too late, join us on this enlightening journey!
Speaker 1:
This morning in our senior spotlight, we're focused on a topic many families can relate to the rising costs of nursing home care and how to protect your savings from it. And joining us this morning are attorneys Greg McIntyre and Brenton Begley, both well-versed on estate planning and elder law. Gentlemen, thanks for being here.
Speaker 2:
Thank you for having us.
Speaker 1:
Yeah. So in a recent article, Greg, you said that seven in 10 people will need long-term care, and the costs associated with that can be really devastating for families.
Speaker 2:
On average 7,300 a month, over $400,000 over a three-year period. It can really melt up over time.
Speaker 1:
Yeah, it can, but luckily the thing is is people don't have to feel helpless in this. You guys can help, right.
Speaker 2:
Yes, elder law attorneys that handle benefits can help. Yes, absolutely.
Speaker 1:
And what does the help look like for people who might be facing something like this?
Speaker 3:
Well, you know, going at it alone is very difficult because you're working to get some type of government benefit. You're navigating a very complicated process and if you try to do that by yourself, there's many pitfalls that if you fall into can cost you much needed benefits.
Speaker 1:
So how do people avoid falling into these pitfalls?
Speaker 2:
So I'll give you my top five tips, okay. Number one don't give away your assets. If you give away your assets, you're going to immediately disqualify yourself for the benefit. There's ways to do that, but not just giving them away. Number two utilize spend down strategies. Okay, and we are very versed in utilizing spend down strategies that help you protect your assets while still qualifying for the benefit.
Speaker 2:
Number three apply at the optimal time. Every month you wait is a private pay month that you could have had a benefit paying for that care, so waiting is usually not in your best interest. Number four detail is king. Okay, be detailed with your application. Be detailed, know what you're doing when you're telling department of health and human services how you protected the assets. It's just super important. Be detailed as king. And then, number five don't give away your house. I see people do that. They'll disqualify themselves for the benefit. You can keep your house and still qualify for the benefit. You can do ladybird deeds that'll protect the house. Keep them in your name you and your spouse is named for the rest of your lives and then pass it to the kids outside of probate, which is where any claim, including Medicaid claims, attach. Those are my top five tips to avoid Medicaid recovery and qualify for long-term care Medicaid.
Speaker 1:
And I'm sure those tips are so helpful for people who are facing this right now. Do you guys have any final thoughts for our viewers today that they can keep in mind as they move forward?
Speaker 3:
Sure, yeah, you wanna plan early and you wanna plan often and make sure you check in with a professional to ensure that the plan you actually have is going to help you. None of us have a crystal ball. We don't know what's gonna happen in the future, so touching base is incredibly important.
Speaker 1:
Right, and you guys also offer free consultations for people if they want help making these plans.
Speaker 2:
For your viewers. We would absolutely offer a free console and you can get that free console by going to mclderlawcom or calling 1-888-999-6600, mia.
Speaker 1:
Wonderful. Well, like you said, mclderlawcom, to find more information and to get some help from them over at MacIntyre Elder Law. Here's thanks for being here.